Author: Fiona Craig

Empyrean Energy (LSE:EME) has entered into a binding term sheet with Conrad Asia Energy that brings an end to the prolonged cash call dispute relating to Indonesia’s Duyung Production Sharing Contract and the Mako Gas Field. Under the agreement, Conrad has withdrawn its forced withdrawal notice and both parties have aligned on a cooperative structure built around a newly created special purpose vehicle. Empyrean will transfer its existing 8.5% participating interest in the Duyung PSC to Conrad subsidiary WNEL, but will retain an indirect 8.5% economic interest by holding the same stake in a Singapore-based SPV that owns WNEL. This structure allows Empyrean to maintain exposure to future Mako value and potential farm-out proceeds, while removing any requirement for direct future cash call funding, with development expected to be supported by project finance and first gas targeted for the fourth quarter of 2027.

Despite the strategic resolution, the company’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses, negative operating cash flow and a balance sheet characterised by negative equity and rising debt. Market indicators also remain unfavourable, with the share price trading below key moving averages and momentum signals such as MACD still negative. While the settlement reduces legal and joint venture uncertainty and introduces some positive governance elements, these are partly offset by the group’s loss-making status, limited valuation support and the absence of dividend visibility.

More about Empyrean Energy PLC

Empyrean Energy PLC is an oil and gas exploration and development company with assets and interests across Australia, Indonesia and the United States. Its portfolio is focused on upstream opportunities, including the Duyung Production Sharing Contract offshore Indonesia, which contains the Mako Gas Field, alongside other exploration and appraisal projects.

Winking Studios Limited (LSE:WKS) said it expects a strong FY2025 performance, forecasting revenue growth of at least 40% from US$31.9m in FY2024, coming in slightly ahead of market expectations. The uplift is being driven primarily by the acquisition of Shanghai Mineloader Digital Technology, alongside mid-to-high single-digit organic growth across its existing studios. Adjusted EBITDA is projected to rise by 7–13% year on year, reflecting continued investment in expansion initiatives, including further M&A activity, additional production capacity in Southeast Asia and the development of Vertic Studios as a premium, high-end art brand. The group is also pushing to strengthen its commercial footprint in Western markets.

Visibility remains strong, with indicative artist bookings of at least US$48.6m secured over the next 24 months. Of this total, around US$34.6m is expected to be recognised as FY2026 revenue, highlighting a robust forward pipeline and reinforcing the company’s role as a key outsourcing partner for leading global video game publishers.

More about Winking Studios Limited

Winking Studios Limited is headquartered in Singapore and is dual-listed on the London and Singapore stock exchanges. It is one of Asia’s largest AAA game art outsourcing specialists and an established game development group, with more than 25 years of industry experience. The company delivers end-to-end art outsourcing, game development and publishing support services through three core business segments. It operates 13 studios across Greater China and Malaysia, employs over 1,400 staff and works with 22 of the world’s top 25 game publishers.

Centaur Media plc (LSE:CAU) has unveiled plans to return up to £64m to shareholders through a tender offer to repurchase as many as 133.3 million shares at 48p each, using cash generated from the disposal of its core operating assets during 2025. Following these transactions, the group will be left debt-free with excess capital. In parallel, the company intends to carry out a court-sanctioned capital reduction to create distributable reserves and proceed with a full delisting from the London Stock Exchange, cancelling its premium listing, re-registering as a private limited company and adopting new articles of association. With Influencer Intelligence now the only remaining operating business—and a potential sale of that unit under review—the steps point to an advanced stage in the group’s break-up strategy and a significant reshaping of its future as a listed entity.

From a performance perspective, Centaur Media continues to be constrained by weak underlying financial results, particularly negative earnings, which weigh on valuation metrics. These pressures are partly balanced by supportive technical signals and decisive corporate actions, including asset disposals and the proposed return of capital. While profitability concerns persist, the elevated dividend yield and shareholder-focused strategy provide some offsetting appeal.

More about Centaur Media plc

Centaur Media plc is a UK-based media and information group that historically operated a portfolio of specialist business-to-business brands across the marketing, legal and digital sectors. After completing a strategic review and a series of divestments in 2025—including the sales of Mini MBA, Marketing Week, The Lawyer and Econsultancy—the group has largely exited its former portfolio. It is now focused on a single remaining operation, Influencer Intelligence, which incorporates the Fashion Monitor brand and provides data and insights to clients in the influencer marketing space.

Yellow Cake (LSE:YCA) said the value of its uranium portfolio slipped slightly by 0.5% to US$1.77bn over the three months to 31 December 2025, with net asset value per share easing to £6.03, tracking a modest dip in spot uranium prices despite broadly constructive market conditions. During the period, the company bolstered its balance sheet through an oversubscribed £129.6m equity placing and confirmed plans to exercise its 2025 option with Kazatomprom to acquire 1.33 million pounds of U3O8 at US$75.08 per pound. Once completed, the purchase is expected to take total uranium holdings to around 23 million pounds, providing scope for additional opportunistic buying. Management noted that the shares have recently traded above NAV, highlighting sustained investor demand for uranium exposure as nuclear power investment accelerates globally, fuelled by data centre and AI-driven electricity needs alongside new long-term nuclear programmes in markets including the US and South Africa.

Operationally, the investment case continues to be weighed down by uneven financial metrics, notably ongoing negative cash generation and fluctuating earnings, even as the company maintains a zero-debt, low-risk balance sheet. From a market perspective, the share price remains in a strong upward trend, though near-overbought indicators and a negative price-to-earnings profile temper the overall assessment.

More about Yellow Cake plc

Yellow Cake plc is a dedicated uranium investment company that provides investors with direct exposure to physical uranium oxide (U3O8), which it holds on a long-term basis while also engaging in uranium-related commercial activities. Its fully paid uranium inventory is stored at facilities operated by Cameco in Canada and Orano in France. The group’s strategy is centred on benefiting from tightening supply-demand dynamics as nuclear energy plays a growing role in the global power mix.

Oil prices rose for a third consecutive session on Thursday, gaining around 1.5%, as growing concerns that the United States could take military action against Iran heightened fears of supply disruptions in the Middle East.

Brent crude futures advanced 94 cents, or 1.4%, to $69.34 a barrel by 07:30 GMT, while U.S. West Texas Intermediate climbed 92 cents, or 1.5%, to $64.13 a barrel. Both benchmarks are now up roughly 5% since the start of the week and are trading at their highest levels since September 29.

The rally has been driven by increasing pressure from U.S. President Donald Trump on Iran to curb its nuclear programme, alongside renewed threats of military strikes and the arrival of U.S. naval forces in the region. Iran, the fourth-largest producer in OPEC with output of around 3.2 million barrels per day, is a key source of risk for global energy markets should tensions escalate.

According to Reuters, Trump is evaluating potential strikes against Iranian security forces and senior leadership in an effort to encourage unrest and potentially destabilise the current government, citing U.S. officials familiar with the discussions.

“The main driver of oil prices remains geopolitical risk premium surrounding Iran and the Middle East, though unplanned outages in Kazakhstan and U.S. (Winter Storm Fern) have had temporary impact as well,” DBS Bank’s energy sector team lead Suvro Sarkar said in an email.

Beyond geopolitics, supply-side disruptions have also provided support. In Kazakhstan, output at the massive Tengiz oilfield is being brought back online in phases after electrical fires curtailed production last week, with full output expected within about a week. In the United States, the world’s largest oil producer and top exporter of liquefied natural gas, operators have been restarting crude and gas production following weather-related shutdowns caused by Winter Storm Fern.

Prices were further underpinned by an unexpected decline in U.S. crude inventories, which briefly eased concerns over excess supply, according to Phillip Nova senior market analyst Priyanka Sachdeva. The U.S. Energy Information Administration reported that crude stockpiles fell by 2.3 million barrels to 423.8 million barrels in the week ended January 23, versus expectations for a 1.8 million-barrel build in a Reuters poll.

Some analysts see further upside risks if tensions around Iran intensify.

“The potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4 (per barrel),” analysts at Citi said in a note on Wednesday. They added that further geopolitical escalation could push Brent prices as high as $72 a barrel over the next three months.

Gold and silver prices pushed to fresh all-time highs on Thursday, extending a powerful rally as escalating tensions between the United States and Iran drove investors toward traditional safe-haven assets.

Gold surged to a record level just below $5,600 an ounce, building on recent gains after reports indicated that U.S. President Donald Trump was weighing further military action against Iran. Silver also joined the rally, climbing above $119 an ounce for the first time, supported by strong defensive demand.

The advance in precious metals showed little sign of fading amid intensifying geopolitical risks worldwide, which have boosted appetite for physical stores of value. Additional support came from a weaker U.S. dollar and persistent uncertainty around U.S. policy, while copper prices also climbed to record levels during the session.

Spot gold jumped more than 2% to an all-time high of $5,595.41 an ounce, while April gold futures reached a peak of $5,625.89. Although prices eased slightly from their highs, gold remained firmly above $5,500 an ounce by 00:45 ET (05:45 GMT). Spot silver rose more than 1% to a record $119.4280 an ounce.

“Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes,” OCBC analysts said in a note.
“This helps explain why pullbacks have tended to be shallow and well-supported,” they added. OCBC recently raised its 2026 gold price forecast to $5,600 an ounce.

Trump weighs further action on Iran – CNN

According to CNN, Trump is considering a “major new strike” on Iran after negotiations over Tehran’s nuclear programme and missile development stalled. The report follows the deployment of additional U.S. naval assets to the Middle East and earlier warnings of military action, which Trump framed as potential support for nationwide protests in Iran.

Earlier in the day, Trump posted on social media urging Iran to reach a “fair and equitable” agreement with Washington and to abandon its nuclear ambitions. He also warned that any future U.S. strike would be far more severe than the mid-2025 operation that targeted Iran’s main nuclear facilities.

CNN said the administration is now weighing airstrikes against Iranian leaders and security officials accused of killing protesters, as well as further attacks on nuclear sites. Any escalation risks sharply increasing tensions across the Middle East, with Iran having vowed strong retaliation.

Geopolitical risks tied to U.S. foreign policy have been a key driver of demand for gold and other safe-haven assets, particularly after Washington launched a military incursion into Venezuela earlier this month. Trump’s demands relating to Greenland also contributed to defensive positioning, although his rhetoric has moderated somewhat in recent weeks.

Gold prices were largely unmoved by the Federal Reserve’s decision to leave interest rates unchanged, a widely anticipated outcome. The central bank also offered an upbeat assessment of the U.S. economy, although Chair Jerome Powell declined to comment on questions surrounding the Fed’s independence amid a Justice Department investigation.

Platinum holds firm, copper extends rally

Strength in gold spilled over into the wider metals complex, aided by dollar weakness and investor preference for neutral, physical assets. Spot platinum rose 2.6% to $2,775.73 an ounce, remaining close to recent highs and not far from record levels set earlier this month after tracking gold higher through late 2025.

Copper also took part in the rally, with benchmark futures on the London Metal Exchange jumping more than 6% to a record $14,123.95 a tonne. The red metal drew additional support from reports of fresh policy measures aimed at stabilising China’s troubled property sector, a major source of demand in the world’s largest copper-importing country.

Copper prices surged to new all-time highs on Thursday, spearheading a broad rally across industrial metals as investors rotated into physical assets amid heightened geopolitical tensions and a persistently soft U.S. dollar.

The most-active copper contract on the Shanghai Futures Exchange ended the daytime session up 6.71% at 109,110 yuan ($15,708.77) per metric tonne, after jumping as much as 8.53% earlier in the day to a record 110,970 yuan. In London, the three-month copper benchmark on the London Metal Exchange climbed 6.32% to $13,913.50 a tonne by 07:00 GMT, having briefly spiked 7.94% to an intraday high of $14,125.

So far this year, copper prices in Shanghai are up around 9%, while the LME benchmark has gained more than 11%, extending a powerful rally that began in 2025. That earlier advance was driven by supply-side concerns, including mine disruptions and regional bottlenecks, compounded by the threat of new U.S. tariffs.

Traders said copper has increasingly benefited from a shift in investor focus following sharp gains in gold and silver. Thursday’s surge followed fresh record highs in precious metals, as demand for hard assets intensified after U.S. President Donald Trump warned of possible military action against Iran if no agreement is reached on its nuclear programme.

Although the U.S. dollar steadied after the Federal Reserve left interest rates unchanged on Wednesday, it remains close to recent lows. The weaker dollar has supported dollar-priced commodities by improving affordability for buyers using other currencies, helping underpin demand.

The rally in copper has come despite soft spot demand in China, the world’s largest consumer. The Yangshan copper premium, a key measure of Chinese appetite for imported copper, fell to $20 a tonne on Wednesday, its lowest level since July 2024.

Elsewhere in the metals complex, aluminium prices remained firm. The most-active aluminium contract in Shanghai settled 2.92% higher at 25,590 yuan a tonne, while the LME aluminium benchmark rose 1.30% to $3,299.50.

Other base metals also posted solid gains. On the SHFE, zinc rose 2.91%, lead advanced 1.09%, nickel climbed 1.79% and tin edged up 0.28%. On the LME, zinc jumped 2.91%, lead gained 1.44%, nickel added 2.49% and tin increased 1.07%.